Marc's Mortgage Matter's

Mortgage rates barely moved in this past holiday-shortened week. The quiet end of the Summer of 2009 contrasts sharply this time a year ago when Lehman Bros, Fannie Mae, and Freddie Mac all succumbed to the financial market maelstrom in quick succession. Thankfully, we're winding our way out of that mess, rather than still pressing deeper into the murk. The slog to fully extricate the economy will persist for some time yet, but prospects for recovery are gradually improving as we go.

Relative to last year, mortgage rates are considerably more favorable, at least for conforming 30-year fixed. This week a year ago we stood at a national average 6.25%, almost a full percentage point above today's levels.
The overall average rate for 30-year fixed-rate mortgages tracked by HSH's Fixed-Rate Mortgage Indicator (FRMI) was at 5.54%.

We'd also like to take a moment to remember the thousands of innocent souls who lost their lives in terrorist attacks on Sept. 11, eight years ago. Much has changed in the world since they've gone, but too few of the battles and struggles which were sparked on that day have reached resolution. We pledge to remember and persevere.

Maybe the world will be a happier place if we all share the same currency. We have the UN calling for a global currency to replace the dollar, which is obviously easier said than done. But watch for more news on that as time passes. One person wrote to me saying, “Have you lost your mind? I could talk for days on the cons associated with a unified currency. And the UN? The UN couldn't break up a food fight at a Cub Scout jamboree, and we're supposed to base our international policy on their whims?” How true!

You know you're trailer trash if…
You consider your license plate personalized because your father made it.
You wonder how service stations keep their rest-rooms so clean.
You come back from the dump with more than you took.
You keep a can of Raid on the kitchen table.
Your wife can climb a tree faster than your cat.
You've been involved in a custody fight over a hunting dog.
You know how many bales of hay your car will hold.
Your house doesn't have curtains, but your truck does.
You can spit without opening your mouth.
Your lifetime goal is to own a fireworks stand.
A tornado hits your neighborhood and does $100,000 worth of improvements.